ICICI Bank has set a minimum balance of ₹50,000 for new savings accounts across cities, which could be a challenge for income earners. This rule will come into effect from August 1, 2025.

ICICI’s minimum monthly average balance has been raised to ₹25,000 at semi-urban branches and ₹10,000 at rural branches, up from ₹5,000 and ₹5,000 respectively earlier.

If ICICI Bank customers do not maintain the prescribed minimum balance, they will have to pay a penalty of 6% on the shortfall amount and a maximum of ₹500.

SBI completely removed the minimum balance requirement from both urban and rural savings accounts in 2020, providing great relief to customers.

Punjab National Bank and Canara Bank have also abolished the penalty for not maintaining minimum balance, benefiting savings account holders.

Union Bank of India requires a minimum balance of ₹250 at rural branches and ₹1,000 at urban branches, while these limits are lower without a chequebook.

The country’s largest private bank, HDFC Bank, asks for a minimum balance of ₹2,500 in rural branches and ₹25,000 in urban branches, which is much lower than ICICI.

The minimum balance in IDFC First Bank ranges from ₹10,000 to ₹25,000, depending on the category the account falls under.

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ICICI Bank has dramatically increased the average minimum balance for savings bank (SB) account holders in metros and urban areas to ₹ 50,000. Till about a week ago, it was ₹ 10,000. From August 1, 2025, all new customers opening an account with ICICI will have to maintain this minimum average monthly balance (MAMB). If they do not do so, they will have to pay a penalty.

This information has been given in a report of Economic Times. According to the report, the spokesperson of ICICI Bank did not elaborate on the reasons behind such a rapid increase in the minimum balance amount. At the same time, most money managers believe that as the total GDP increases, the distribution of wealth will become unbalanced, as a result, more and more banks and financial institutions will try to gain a foothold in wealth management. Already, banks are facing tough competition from mutual funds, portfolio management service providers, private equity and venture capital funds to attract wealthy savers.

Basic savings account is the need of the common man

To strike a balance between the race to attract ‘mass affluent’ customers and the need to bring the unbanked into the institutional financial fold, the government had instructed banks to convert their ‘no-frills’ accounts into Basic Savings Bank Deposit Accounts (BSBDA) more than a decade ago. The aim was to connect the common man to the banks.

As per Reserve Bank of India (RBI) guidelines, there is no requirement of any minimum balance in BSBDA accounts, including those opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY). According to the central bank’s master circular on ‘Customer Service in Banks’ issued on July 1, 2015, for accounts other than BSBDA accounts, banks may fix service charges on various services as per the policy approved by their boards, provided these charges are reasonable and not much higher than the average cost of providing those services.

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Now the bank will charge fees for UPI transactions from payment aggregators like Google Pay, PhonePe, Mobikwik, Razorpay. Although the general customers will not have to pay the charges directly, but it will affect the shopkeepers and may eventually reach the customers.

What is the whole matter?

Payment aggregators (PAs) like Google Pay or PhonePe act as a bridge between merchants and banks. When a customer makes a payment using UPI on a website or app, these aggregators process that transaction. Now ICICI Bank has decided to charge them a fee on every transaction.

How much will be charged?

If the Payment Aggregator (PA) has an escrow account with ICICI, then 2 basis points (bps) or a maximum of ₹6 per transaction will be charged. If the Payment Aggregator does not have an escrow account with ICICI, then 4 basis points (bps) or a maximum of ₹10 per transaction will be charged. If the merchant has an account with ICICI and UPI is settled in the same, then no charge will be levied. Because the bank gets interest on it.

Why did the bank take this step?

The Reserve Bank of India (RBI) Governor has recently given some hints about charging on UPI. The cost of banks in maintaining the UPI system is increasing. Therefore, heavy investments are being made in infrastructure, security and technology. While there is no merchant discount rate (MDR) on UPI, that is, banks do not earn income from it. In such a situation, banks are now trying to generate revenue from payment groups.

Will there be a direct impact on customers?

Currently, there will be no charge on general customers but experts believe that aggregators can pass on this cost to merchants, which can later be passed on to customers in the form of an increase in the price of goods or services. Apart from ICICI, other private banks like Yes Bank and Axis Bank are also charging fees for UPI transactions from payment aggregators. In fact, ICICI, Axis and Yes Bank – all three play an important role in the UPI ecosystem. An official associated with the payments industry said that ‘UPI’s P2M i.e. customer-to-merchant transactions have grown rapidly. But banks are not earning from it, so it is natural to turn to the charging model.

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Earlier in May, some government banks had also changed their transaction charges as per the new guidelines of RBI. Now many private banks have also joined it. This will have a direct impact on the pockets of common customers, especially those who use ATM several times every month.

ICICI Bank’s new charges: Increased expenses on ATM, IMPS, demand draft

ICICI Bank has informed its customers that from July 1, charges have been increased on services like ATM, IMPS and DD. Up to 3 transactions are free every month in metro cities (Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore). Up to 5 transactions will be free in non-metro cities. After this, you will have to pay Rs 21 every time you withdraw money and Rs 8.50 on non-financial transactions like balance check or mini statement. 18% GST will be levied separately on these charges.

Making a demand draft has also become expensive now

If you make a demand draft (DD) or pay order (PO) in ICICI Bank through cash, cheque or transfer, then now you will have to pay more charges for it than before. Under the new rule, the bank has fixed a charge of ₹50 on an amount up to ₹10,000. On the other hand, if the amount of the draft is more than ₹10,000, then a charge of ₹5 will be taken for every ₹1,000. However, the minimum charge will be limited to ₹75 and the maximum to ₹15,000. The bank has also fixed concessional rates for senior citizens, students and customers of branches in rural areas.

Transactions of NEFT and RTGS from branch became expensive

ICICI Bank customers will have to pay charges according to different slabs for doing NEFT and RTGS through branch. If you go to the branch and do NEFT, then you will have to pay ₹2.25 for transactions up to ₹10,000, ₹4.75 for transactions up to ₹1 lakh, ₹14.75 for transactions up to ₹2 lakh and ₹24.75 for transactions up to ₹10 lakh. For RTGS transactions, a charge of ₹20 will be levied on amounts from ₹2 lakh to ₹5 lakh. The good thing is that if you do NEFT or RTGS online, then you will not have to pay any charge on it.

If you send money through IMPS, then you will also have to pay a charge according to the transaction amount. In ICICI Bank, you will have to pay ₹2.50 for sending an amount up to ₹1,000, ₹5 for up to ₹25,000 and ₹15 for an amount up to ₹5 lakh. These charges have been implemented from 1 May 2024.

Withdrawing money from ATM abroad is expensive

If you are travelling abroad and withdraw money from an ATM, ICICI Bank will now charge Rs 125 and 3.5% currency conversion charge on every transaction. Rs 25 will have to be paid separately for non-financial transactions. Senior citizens will be exempted from these charges.

Axis Bank ATM charges increased, you will have to pay extra money on every transaction
Axis Bank has also updated its ATM transaction charges. Now only 3 transactions will be free every month in metro cities, while in non-metro cities, up to 5 transactions will be exempted. After this, if you withdraw money from ATM, then you will have to pay ₹ 23 on every financial transaction and ₹ 10 to ₹ 12 on non-financial (like balance check or mini statement) transactions.

Charges will be levied for withdrawing money from Federal Bank ATM after the free limit
If Federal Bank customers withdraw money from another bank’s ATM and their free transaction limit is exhausted, they will now have to pay ₹23 for every financial transaction and ₹12 for non-financial transactions. However, if the transaction is done from Federal Bank’s own ATM, no charges will be levied. Apart from this, if the transaction fails due to insufficient balance in a customer’s account, an insufficient balance charge of ₹25 will be levied on it.

Keep these things in mind while using ATM

Banking services have become expensive from July 1. If you frequently withdraw money from ATM or use banking services more, it would be better to plan the transaction and keep in mind the free limit. Apart from this, NEFT and RTGS through online channels are free, so adopting digital methods will be beneficial. In such a situation, keep in mind the transaction limit and new charges while using ATM, otherwise it will affect your pocket. Get complete information from your bank’s website or branch in time.

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ICICI Bank: Now you will get lounge access on spending Rs 75,000

ICICI Bank has informed on its website that now credit card holders will have to spend Rs 75,000 in the previous quarter to avail free domestic airport lounge facility in the next quarter.

For example, if you want lounge access between July 1 and September 30, 2025, you will have to spend Rs 75,000 between March 26 and June 25, 2025. This rule will apply only to select ICICI credit cards. However, premium cards such as Emeralde, Diamant, Adani One, MakeMyTrip and Times Black cards will be exempted from this condition.

The bank has also clarified that expenses related to rent, education, government services, EMI, fees and reversal will not be added to this limit of Rs 75,000.

HDFC Bank: 1% charge will be levied on gaming and wallet loading

HDFC Bank is also going to make big changes in its credit card rules from July 1, 2025. If you use online gaming or third-party wallets, then it is important to know these changes.

1. Charges on online gaming

If a customer spends more than Rs 10,000 in a month on online skill-based gaming (such as Dream11, MPL, Rummy Culture, etc.), a fee of 1% will be charged. This fee will be limited to a maximum of Rs 4,999. Also, no reward points will be given on such spending.

2. Charges on wallet loading

If you load more than Rs 10,000 into a third-party wallet like Paytm or Mobikwik, this will also attract a 1% fee, capped at Rs 4,999.

3. Utility and insurance payments

If a customer pays a utility bill of more than Rs 50,000 (consumer cards) or Rs 75,000 (business cards), a 1% fee will be charged on the entire utility expense, up to Rs 4,999. Insurance is not included in the scope of utility, but a limit has been set on the reward points available on insurance payments.

Limit of reward points on insurance

Infinia/Infinia Metal: Maximum 10,000 points per month

Diners Black/Biz Black Metal: Maximum 5,000 points

Other cards: Maximum 2,000 points

There will be no limit on Marriott Bonvoy cards

4. Changes on rent, fuel and education too

Rent, fuel, and education payments will continue to attract a 1% fee as before, but the maximum charge will now be Rs 4,999 per transaction.

This charge on fuel will be levied when the transaction is above Rs 15,000 or Rs 30,000.

Education charges will be levied only when payment is made through third-party apps. This charge will not be levied if payment is made directly to the school or college. These new rules of ICICI and HDFC Bank are aimed at regulating specific expenses and strengthening financial tracking. If you use credit card for these services, then plan keeping these changes in mind so that the charge can be avoided.

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This private bank has reduced the interest on savings accounts as well as FD by 0.25 percent. ICICI Bank’s new interest rates have also come into effect from today i.e. April 17.

ICICI Bank cuts FD interest rates by up to 0.50%

The country’s largest public sector bank – SBI and the largest private bank – HDFC have recently implemented a reduction in deposit interest rates. ICICI Bank has cut rates on select tenure FD schemes by 25 to 50 basis points. After this latest cut, the private bank is now offering interest of 3% to 7.05% on FD to its general customers and senior citizens will now get interest of 3.5% to 7.55% on FD. Earlier, ICICI Bank’s FD scheme with a tenure of 15 months to 2 years was offering a maximum interest of 7.25% to general customers and 7.85% to senior citizens.

Now 3.00% interest on FD with a tenure of 30 to 45 days

ICICI Bank has reduced the maximum interest rate by 50 basis points i.e. 0.50 percent on FD scheme with a tenure of 30 to 45 days. The bank has now reduced the interest rate for this tenure from 3.50 percent to 3.00 percent. Apart from this, the interest rate for the tenure of 61 to 90 days has been reduced by 25 basis points to 4.5% to 4.25%. For FDs with a tenure of 18 months to 2 years, the interest rate has been reduced by 20 basis points to 7.25% to 7.05%.

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keep this in mind

Banks offer bank locker facilities to different categories of customers such as individual customers, partnership firms, limited companies, clubs, etc. However, banks do not allot lockers in the name of minors. Banks act as a kind of lessor to their customers, providing locker services on an annual rent basis.

From the security point of view, banks assure that the protection of the valuables of the customers is much safer than their fees. Please note that if you keep cash in the bank, it is not their responsibility to keep it safe. So keep this in mind while keeping the goods.

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These changes have been made on FDs of different periods. Public and private sector banks like SBI, HDFC Bank, ICICI Bank and Punjab National Bank (PNB) are offering many new FD schemes.

State Bank of India (SBI):

State Bank of India (SBI) has launched a new special FD scheme called ‘Amrit Vrishti’. Under this scheme, general customers can avail 7.25% interest rate for a period of 444 days, while for senior citizens the rate is 7.75%. This scheme is available for investment from 15 July 2024 to 31 March 2025. SBI FD rates on other periods including 7 days to 10 year FDs range from 3.50% to 7.00%.

Also Read: Weather Forecast: IMD has issued an alert regarding heavy rain in these districts for the next two days

HDFC bank:

HDFC Bank is offering interest rates ranging from 3% to 7.4% for FDs of 7 days to 10 years. The maximum interest rate for general customers is 7.4%, while senior citizens are offering an interest rate of 7.90% for FDs of 4 years 7 months to 55 months. These revised rates are applicable from July 24, 2024.

ICICI Bank:

ICICI Bank is offering FD rates ranging from 3% to 7.20% for FDs of 7 days to 10 years. These rates are applicable from July 30, 2024.

Punjab National Bank (PNB):

Punjab National Bank (PNB) is offering a maximum interest rate of 7.25% for 400 days FD from August 1, 2024. For 300 days FD, the rate is 7.05%. For one and two year term FDs, the interest rate is 6.80%. For three-year FDs, the interest rate is 7.00% and for four and five-year FDs, the interest rate is 6.50%.

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Private sector Axis Bank will now give 7.20 percent interest to its customers on deposits of Rs 3 crore for a period of 17-18 months. For senior citizens, this rate is 7.75 percent. 7.10 percent interest will be given on FDs of two years duration. The bank is giving interest between 3 to 7.2 percent on FDs to general citizens. For senior citizens, this rate is between 3.50 percent to 7.75 percent.

From July 1, the bank is paying its customers interest ranging from 3.75 to 6.50 percent on FDs up to Rs 3 crore. For senior citizens, the interest rate is the highest at 8.75 percent, which is 0.50% higher.

According to the bank’s website, it has also implemented changes in the interest rates on FDs from July 1. Under this, the bank will give its customers up to 7.20 percent interest for a period of 15 months to two years on deposits of less than Rs 3 crore. It is giving 6.7 percent interest on deposits of one year duration. The lowest rate of interest is 3.50 percent. The bank will give up to 7.75 percent interest to senior citizens.

Bank of India is giving interest up to 7.80 percent.

The new rates of Bank of India are applicable from June 30. It is giving up to 7.80 percent interest to senior citizens on deposits for a period of 666 days. General citizens are getting 7.3 percent interest. Meanwhile, Punjab & Sind Bank said that its revised interest rates are also applicable from July 1. It is giving 7.80 percent interest to its customers, senior citizens on deposits of 666 days. It is giving interest ranging from 2.80 to 6.65 percent to general citizens.

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The importance of the Reserve Bank for the common man can be understood from a recent case. Seeing the common man being harmed by the arbitrariness of 2 private sector banks, RBI took action and imposed a fine of about 2 crore rupees. A penalty of 1 crore has been imposed on one bank and 91 lakh rupees on the other. You will also be surprised to know the arbitrariness of both the banks. On one hand, these banks were charging arbitrary fees from the common man citing the rules and on the other hand, they were distributing loans to companies by breaking the rules.

According to the release issued by the Reserve Bank, RBI has imposed a fine of Rs 1 crore on ICICI, a big private sector bank. At the same time, a penalty of Rs 91 lakh has been imposed on Yes Bank. Both the banks had violated the notification and regulation issued by RBI on March 31, 2022.

Also Read: Post Office FD Scheme: Invest only ₹3,00,000 in Post Office’s FD scheme…you will earn ₹1,34,984 only from interest

What mistake did ICICI Bank commit?

In its audit, the Reserve Bank found that ICICI Bank did not follow the rules while giving loans. The bank gave loans to some institutions or companies without proper investigation. The projects of these companies were not eligible to get sufficient loan, yet the bank gave the money. This put the loan at risk and the Reserve Bank imposed a fine of Rs 1 crore for breaking the rules.

Yes Bank has played a game.

Yes Bank, which was on the verge of bankruptcy a few days ago, saved itself from the interference of the government and RBI, then it started charging arbitrary fees from the common man. RBI found in its audit that Yes Bank charged arbitrary fees from customers in the name of not having minimum balance. This fee was charged in the name of parking fund and customer transaction. RBI considered it against the rules and imposed a fine of Rs 91 lakh on the bank.

What does RBI’s rule say?

The Reserve Bank has clearly stated in the matter of loans that unless the applicant is fully eligible and does not provide any collateral for the risky loan, the loan should not be approved. Similarly, RBI has made clear rules regarding minimum balance and apart from this, banks cannot charge arbitrary fees from customers for any service.

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ICICI Bank Blocked Credit Card: The country’s largest private sector bank ICICI Bank has blocked 17000 credit cards. The bank has taken this step after the credit card data of 1700 customers was leaked. The bank has blocked the credit cards of all those customers whose data has been accessed by unauthorized persons. For the convenience of the customers, the bank has also released the list of customers whose credit cards have been blocked. Along with this, the bank has also said that it will issue a new card for these customers.

Customer complained about data leakage

The leak of bank credit card data has come to light after a customer complained. The customer had shared information about this on social media. Expressing apprehensions about data security on iMobile Pay App, he wrote that information like credit card number and CVV is visible in the credit card app. Card information of many unknown people was visible in this app. After this, concerns about the data security of the bank had increased among the customers.

The bank took these steps

After receiving information about the data leak, ICICI Bank has accepted the matter and said that in the recent few days, it has accepted that the credit card data of about 17,000 new customers has been leaked. But, the bank has also assured that not a single case of misuse of this data leak has come to light. Along with this, the bank said that if any customer suffers financial loss due to this, the bank will also give compensation to him. ICICI Bank said that customers should keep an eye on their credit card statements. If you notice any wrong transaction in your card, you can immediately block your card and get a new card issued.

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SBI, ICICI, Axis Bank Fixed Deposit Rate: Bank fixed deposits (FD) are very popular among investors seeking stable returns and capital preservation. These are considered low-risk investments because they give guaranteed returns. If the bank defaults in payment of the deposited amount, the amount deposited in a particular bank will be insured up to ₹ 5 lakh. Deposits are insured by the Deposit Insurance and Credit Guarantee Corporation Limited (DICGC).

Banks offering the best FD rates may vary depending on various factors and the specific tenure of the fixed deposit. Some banks in India that are known to offer very good FD rates include: Kotak Mahindra Bank, HDFC Bank, Axis Bank, ICICI Bank, State Bank of India (SBI), Punjab National Bank (PNB), IDFC First Bank , YES Bank, Punjab & Sindh Bank, RBL Bank, DCB Bank.

13 banks offering best FD rates

• RBL Bank 8.10% (546 days to 24 months (18 months to 24 months)
• DCB Bank 8% (25 months to 26 months)
• IndusInd Bank 7.75 (1 year to less than 1 year 6 months, 1 year 6 months to less than 1 year 7 months, 1 year 7 months to 2 years)
• IDFC First Bank 7.75 (549 days- 2 years)

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New rules in HDFC Bank Credit Card

HDFC Bank has made some changes in the rules of Regalia and Millennia Credit Cards. Now lounge access facility will be available only after spending at least Rs 1 lakh on HDFC Bank Regalia Credit Card. You will get only 2 lounge access in a quarter.

At the same time, the benefit of credit card facility will be available only after spending Rs 1 lakh quarterly through HDFC Bank Millenia Credit Card. Through this card, you can avail the lounge only once in a quarter.

New rules in SBI credit card

SBI Card has changed the rules of Paytm SBI Credit Card. Cashback will not be available on payment of fare through this credit card from January 1. Earlier on November 1, SBI Card has reduced the reward points on online shopping from EasyDiner from 10X to 5X.

Axis Bank also made changes in credit card rules

Axis Bank has made some important changes for its credit cardholders. The bank has changed the Axis Bank Magnus Credit Card benefits and annual charges and joining fees. The bank has also revised the terms and conditions of the Axis Bank Reserve Credit Card.

ICICI Bank reduces lounge access benefit

ICICI Bank has changed the rules of airport long access and reward points on its 21 major credit cards. Along with this, the rules of reward have also been changed. It has been told by the bank that from April 1, 2024, lounge access facility will be available only after spending Rs 35000 in a calendar quarter.

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According to the information given on the website of ICICI Bank, the interest on FD of Rs 2 crore to Rs 5 crore for a period of 7 to 14 days is 4.75 percent. The interest on FD of 30 days to 45 days is 5.5 percent and the interest on FD of 46 days to 60 days is 5.75 percent. Apart from this, interest on FD of 61 days to 90 days has been fixed at 6 percent, interest on FD of 91 days to 120 days has been fixed at 6.5 percent.

6.5 percent interest is being given on FDs of 121 days to 150 days, 6.75 percent interest is being given on FDs of 271 days to 289 days. The bank is offering 7.25 percent interest on FDs of one year to 389 days.

HDFC Bank also changed FD interest rate

HDFC Bank has also changed the interest rates on FDs of Rs 5 crore or more. The bank is now offering interest ranging from 4.75 percent to 7.00 percent on FDs of more than Rs 5 crore.

Let us tell you, recently the Federal Bank has changed the interest rates of some selected tenure FDs of less than Rs 2 crore. Now the bank is offering 7.50 percent interest rate to common citizens on FD of 500 days and 7.05 percent interest rate on FD of 21 months to less than 3 years. At the same time, banks are giving additional interest of 0.50 percent to senior citizens on FDs of both the tenures.

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State Bank Of India

SBI is offering 6.80% interest rate on FDs from 1 year to 2 years. Whereas, the FD rate under AMRIT KALASH is being offered at 7.10% for a period of 400 days.

HDFC bank

HDFC Bank is offering 6.60% interest rate on FDs of 1 year to less than 15 months. At the same time, it is offering 7.10% interest rate for FDs of less than 15 months to 18 months. The bank is offering the highest rate of 7.25% on FDs from 4 years 7 months to 55 months. This is a Limited Edition Bank FD.

ICICI Bank

ICICI Bank (ICICI Bank) is offering 6.70% interest rate for FDs of less than 1 year to 15 months for general citizens. The bank is offering the highest interest rate of 7.10% for FDs with tenures ranging from 15 months to less than 2 years. These rates are applicable from February 24, 2023.

Canara Bank

Canara Bank is offering the highest interest rate of 7.25% on FDs with a tenure of 444 days for general citizens. These rates are applicable from April 5, 2023.

Yes bank

Yes Bank is offering 7.50% interest rate on FDs of 1 year to less than 18 months. These rates are effective from May 2, 2023.

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The investment tenure of FDs varies between banks and can be anywhere between seven days to ten years. Investment returns are compounded on a regular basis, monthly, quarterly or annually. If you want to invest in these FDs before the scheme ends, here is a comparison of 1-2 year FD interest rates of banks like HDFC Bank, ICICI Bank, SBI and SBI Amrit Kalash.

State Bank Of India

SBI is providing 6.80% interest rate on FDs from 1 year to 2 years. While the FD rate under Amrit Kalash is 7.10% for a tenure of 400 days which is 13 months 4 days.

HDFC bank

HDFC Bank is offering 6.60% on FDs for 1 year to less than 15 months and 7.10% for 15 months to less than 18 months. These rates are applicable from May 29, 2023. High interest rate of 7.25% is offered for 4 years 7 months to 55 months is the limited edition bank FD.

ICICI Bank

ICICI Bank offers 6.70% for general citizens for tenure less than 1 year to 15 months. The bank offers the highest interest rate of 7.10% for tenors ranging from 15 months to less than 2 years. The rates are applicable from February 24, 2023.

Canara Bank

Canara Bank offers the highest interest rate of 7.25% for general citizens with a tenure of 444 days. These rates are applicable from April 5, 2023.

Yes bank

Yes Bank offers 7.50% interest rate on FDs of 1 year to less than 18 months. These rates are effective from May 2, 2023.

Take special care of these things

Please tell that these interest rates are applicable for the amount less than Rs 2 crore. These rates are applicable only for general citizens, senior citizens get 0.5% higher returns than other customers, and partial and early withdrawals are subject to penalty and vary with banks.

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You will not need to maintain minimum balance after the new rule is made. Different amount of minimum balance is fixed according to different bank and account. The account holder has to pay penalty for not maintaining the minimum balance.

Big statement on minimum balance

Minister of State for Finance Bhagwant Kishanrao Karad had given a big statement in the last days regarding maintaining minimum balance in the account. He appealed to the board of directors of the banks and said that they can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance. Karad had said that banks are independent bodies. In such a situation, the Board of Directors can waive the penalty for not keeping the minimum amount.

At that time, the media had questioned the Minister of State for Finance regarding maintaining the minimum amount. He was also asked whether the government is considering giving instructions to the banks that no penalty should be imposed on the accounts in which deposits go below the prescribed minimum level.

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However, the minimum balance in the accounts varies with the banks. There are some conditions related to the minimum balance in the bank accounts of metro cities, cities and rural areas. Failure to comply with these conditions may result in deduction of charges by the Bank. Apart from this, the charges related to ATM withdrawal are also deducted by the banks.

State Bank of India (SBI), the country’s largest PCAU bank, had in March 2020 done away with the requirement of keeping a minimum amount every month on its savings accounts. Earlier, SBI account holders were required to maintain a monthly average balance of Rs 3000, Rs 2000 and Rs 1000 depending on the location in their accounts.

At the same time, it is mandatory for savings account holders in urban and metro cities to maintain an average monthly balance of Rs 10,000 in leading private sector bank HDFC. Whereas in small towns this amount is Rs 5,000. At the same time, it is mandatory for bank customers in rural areas to maintain an average balance of Rs 2,500 every quarter. Bank imposes penalty for not following this rule.

ICICI Bank’s savings account holders in metro or urban areas will have to maintain a minimum monthly average balance of Rs 10,000, Rs 5,000 in small-towns and Rs 2,000 in rural areas. On customers who fail to maintain the average balance, the bank imposes a shortfall charge of 6 per cent or a penalty of Rs 500, whichever is less.

It is mandatory for the savings bank account holders of Punjab National Bank located in metro and urban areas to maintain a balance of Rs 20,000 on a quarterly basis. Whereas, account holders in small-town and rural areas have to maintain a minimum quarterly average balance of Rs 1000 and Rs 500 respectively.

It is mandatory for Kotak Mahindra Bank savings account holders to maintain a monthly average balance of Rs 10,000 in metro and Rs 5,000 in non-metro areas. However, for failure to maintain the minimum balance, the bank charges a penalty of 6 percent of the shortfall in AMB.

All major banks in the country allow a limited number of free ATM transactions every month. But apart from doing the free transactions, banks levy charges along with applicable taxes. According to a notification issued by the Reserve Bank of India in June last year, banks were allowed to charge Rs 21 per transaction at ATMs over and above the monthly free transaction limit with effect from January 1, 2022.

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The country’s largest bank SBI, including private sector big banks HDFC Bank, Axis Bank and ICICI Bank have announced their new FD interest rates. While the repo rate in the country has increased by 2.5 percent in the last 11 months. Now it is at 6.5 percent. RBI last changed the repo rate in February 2023.

Axis Bank is giving more interest

Interest on Axis Bank’s FD these days ranges from 3.50 percent to 7.20 percent. Whereas for senior citizens, this interest rate ranges from 3.50 percent to 7.95 percent. The bank’s new interest rates are valid from April 21, which are available on FDs ranging from 7 days to 10 years.

ICICI Bank FD Interest Rate

ICICI Bank’s FD interest rates range from 3 percent to 7.10 percent. This includes FDs ranging from 7 days to 10 years. Not only this, the bank also gives 0.50 percent extra interest to senior citizens. In these interest rates valid from February 24, senior citizens get interest ranging from 3.50 percent to 7.60 percent on FDs.

HDFC Bank FD Rates

On getting FD from 7 days to 10 years in HDFC Bank, you will get interest ranging from 3 percent to 7.10 percent. Like ICICI Bank, HDFC Bank is giving 0.50 percent extra interest to senior citizens. The bank’s new FD interest rates are applicable from February 21.

FD interest rate of SBI

State Bank of India is paying 3 to 7.10 percent interest on FDs of 7 days to 10 years. It ranges from 3.50 percent to 7.60 percent for senior citizens. The bank’s FD interest rates have not changed since February 15.

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However, this time in the MPC meeting in April, the central bank did not make any change in the repo rate. This has given some relief to the borrowers from rising rates in the last 11 months. There has been an increase of 250 basis points (bps) in the repo rate since last year. The last hike was by 25 bps in February 2023, taking the repo rate to 6.5 per cent. The ever-increasing interest rates have made the returns on Fixed Deposits quite attractive. Here are the FD rates available on ICICI Bank, HDFC Bank, Axis Bank and State Bank of India (SBI).

ICICI Bank FD Rates

ICICI Bank is paying 3.00% and 7.10% annual interest on FD. The bank is also giving an extra 0.50 per cent interest to senior citizens. The bank is giving them interest of 3.50% and 7.60%. The period of this scheme is from 7 days to 10 years.

HDFC bank fd rates

HDFC Bank is offering interest on fixed deposits ranging from 7 days to 10 years. The bank is paying an annual interest of 3% to 7.1%. The bank is also giving an extra 0.50 per cent interest to senior citizens. The bank is giving them interest of 3.50% and 7.60%. These interest rates are applicable from 21 February.

Axis Bank FD Rates

Axis Bank is offering annual interest ranging from 3.50 per cent to 7.20 per cent. The bank is offering interest ranging from 3.50 to 7.95% per annum to the general public. The bank is offering interest ranging from 7 days to 10 years. These rates are applicable from April 21.

SBI FD Rates

The country’s largest public sector bank State Bank of India (SBI) is offering FDs for periods ranging from 7 days to 10 years. SBI FD interest rates for the general public range from 3.00% p.a. to 7.10% p.a. Interest rates of 3.50% to 7.60% for senior citizens are applicable from February 15.

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Every bank has different minimum balance limit, which customers have to maintain. If a customer does not maintain the minimum balance according to the account, then the bank charges a penalty from that customer.

State Bank of India has fixed the rule of minimum balance in its accounts according to the region. For rural areas, this limit is Rs 1,000. Semi-urban area customers will have to keep Rs 2,000 in their account. Whereas, in Metro City this limit is 3 thousand rupees.

Minimum balance rules for HDFC Bank account holders

The average minimum balance limit in HDFC Bank also depends on the residency. This limit is Rs 10,000 in cities, Rs 5,000 in semi-urban areas and Rs 2,500 in rural areas.

Minimum balance rules for ICICI Bank account holders

ICICI Bank has fixed the rule of minimum balance in its accounts according to the region. There is a limit of Rs 10,000 for urban areas, Rs 5,000 for semi-urban areas and Rs 2,500 for rural areas.

Board of banks can remove penalty from those who do not keep minimum balance

At present, you have to pay a fine for not maintaining the minimum balance in the bank account. But if everything goes well in the coming time, there will be no need to maintain minimum balance in the bank account.

In fact, Minister of State for Finance Bhagwat Kishanrao Karad had recently said that the Board of Directors of banks can decide to abolish the penalty on accounts that do not maintain minimum balance.

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Many major banks including State Bank of India, HDFC Bank and ICICI Bank have increased the interest of fixed deposits as well as recurring deposits ie RD.

At present, these banks are offering more interest on RD than before. These interest rates may vary from bank to bank for different tenures. If you are also planning to invest in RD, then let us know in which bank you are getting more interest.

SBI RD Interest Rate

The country’s main bank SBI is giving 6.80 and 7 percent interest on tenure ranging from 12 to 120 months. At least 100 rupees can be invested in this every month. These interest rates are effective from 15 February 2023. The bank can close the account in this situation, when the 6th installment is not paid by the depositor and the money deposited will be returned.

PNB Bank rd interest rate

The customers of this bank are being given interest ranging from 5.5 percent to 7.25 percent on RD, whose maturity is 6 months and 10 years. This is applicable from 20 February.

HDFC bank RD interest

This private sector bank is offering an interest rate of 4.5 and 7.10 percent on RD, whose tenure is between 6 months and 120 months. 7.10 percent interest on 15 months tenure is effective from 24 February 2023. This interest rate is for the common people.

Yes bank RD interest rate

YES Bank is offering 6 per cent and 7.50 per cent interest, which is effective for regular customers for tenures ranging from 6 months to 10 years. The last change in its interest was on February 21.

ICICI Bank Rd

Interest of 4.75 and 7.10 percent on RD of this bank is being given for regular customers on tenure ranging from 6 months to 10 years. You can invest at least 500 rupees in this. These rates are effective from 24 February.

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Small finance banks are paying more interest than big banks. Big lenders like State Bank of India, HDFC, ICICI, Punjab National Bank are giving comparatively less interest on FD. Let us tell that in which bank it will be in your interest to have FD at present.

FD is a risk-free investment in banks. Small finance banks pay more interest on fixed deposits than big banks. Due to the absence of risk of money sinking and getting good returns, many people put money in fixed deposits. Today we are telling you about those 6 banks, which are currently giving the highest interest on FD.

Unity Small Finance Bank is giving the highest interest on FD. The bank is offering 9.00 per cent interest to general customers and 9.50 per cent to senior citizens on FDs maturing in 1001 days.

Jana Small Finance Bank is paying interest at the rate of 8.10 percent to the general public on FDs of 1001 days. The bank is offering 8.80 percent interest to senior citizens.

If you make FD for 1001 days in Suryoday Small Finance Bank, then you will get interest at the rate of 8.51 percent per annum. If you are a senior then the bank will give you interest at the rate of 8.76 percent.

Ujjivan Small Finance Bank (Ujjivan Small Finance Bank) is offering interest at the rate of 8.00 percent per annum to the general customer on FD of 1001 days. The bank is currently offering 8.75 percent interest to senior citizens.

The name of Utkarsh Small Finance Bank is also included in the list of banks that pay more interest on FDs. The bank is giving 8.00 per cent interest to general public and 8.75 per cent interest to senior citizens on FDs maturing in 1001 days.

North East Small Finance Bank is offering 8.00% interest to general customers and 8.75% to senior citizens on FDs maturing in 1001 days.

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10 big banks of the country SBI, ICICI, HDFC, Axis, Bandhan Bank, IndusInd Bank, Yes Bank, Bank of India, RBL Bank and Kotak Mahindra Bank have recently increased the interest rates on FD. Now out of these 10 banks, Bandhan Bank, Yes Bank, Axis Bank, HDFC, ICICI are giving the highest interest to senior citizens. Let us know which of these banks is offering the highest interest.

HDFC bank new rates

1 year to 15 months: For general public – 6.50 per cent; For Senior Citizen – 7.00 percent
15 months to less than 18 months: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent
18 months to 2 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent
2 years 1 day to 3 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent
3 years 1 day to 5 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent
5 years 1 day to 10 years: For general public – 7.00 per cent; For senior citizens – 7.75 percent.
ICICI Bank’s interest rates on FDs of less than Rs 2 crore ..
1 year to 389 days: For general public – 6.60 per cent; For Senior Citizen – 7.10 percent
390 days to less than 15 months: For general public – 6.60 per cent; For Senior Citizen – 7.10 percent
15 months to less than 18 months: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent
18 months to 2 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent
2 years 1 day to 3 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent
3 years 1 day to 5 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent
5 years 1 day to 10 years: For general public – 6.90 per cent; For Senior Citizen – 7.50 percent.

SBI FD rates

SBI is giving maximum 7% interest on FD to senior citizens. Apart from this, common people are getting 6.50 percent interest on FDs of one year to less than 2 years, 5.50 percent interest on FDs of 180 to 210 days. The bank is giving 5.75% interest for 211 days. 5.75% interest is being received on FDs ranging from 2 years to less than 5 years. 5.50% on FDs of 5 years and up to 10 years, 5% interest is being received on FDs of 46 days to 179 days. 3.50 percent interest is being received on FD of 7 to 45 days.

Kotak Mahindra Bank revised FD rates on 28 December

6 months: For general public – 5.75%, for senior citizens – 6.25%

12 months: For general public – 6.75 percent, for senior citizens – 7.25 percent

15 months: For general public – 7 percent, for senior citizens – 7.5 percent

18 months: For general public – 7 percent, for senior citizens – 7.5 percent

21 months: For general public – 7 percent, for senior citizens – 7.5 percent.

Axis Bank FD interest rates – for amounts below Rs 2 crore

• 3 months to less than 4 months: 4.50 per cent for general public; 4.50 percent for senior citizens
• 4 months to less than 5 months: 4.50 per cent for general public; 4.50 percent for senior citizens
• 5 months to less than 6 months: 4.50 per cent for general public; 4.50 percent for senior citizens
• 6 months to less than 7 months: 5.75 per cent for general public; 6.25 percent for senior citizens
• 7 months to less than 8 months: 5.75 per cent for general public; 6.25 percent for senior citizens
• 8 months to less than 9 months: 5.75 per cent for general public; 6.25 percent for senior citizens
• 9 months to less than 10 months: 6.00 per cent for general public; 6.50 percent for senior citizens
• 10 months to less than 11 months: 6.00 per cent for general public; 6.50 percent for senior citizens
• 11 months to less than 11 months 25 days: 6.00 per cent for general public; 6.50 percent for senior citizens
• 11 months 25 days to less than 1 year: 6.00 per cent for general public; 6.50 percent for senior citizens
• 1 year to less than 1 year 5 days: 6.75 per cent for general public; 7.25 percent for senior citizens
• 1 year 5 days to less than 1 year 11 days: 6.75 per cent for general public; 7.25 percent for senior citizens
• 1 year 11 days to less than 1 year 25 days: 6.75 per cent for general public; 7.25 percent for senior citizens
• 1 year 25 days to less than 13 months: 6.75 per cent for general public; 7.25 percent for senior citizens
• 13 months to less than 14 months: 6.75 per cent for general public; 7.25 percent for senior citizens
• 14 months to less than 15 months: 6.75 per cent for general public; 7.25 percent for senior citizens
• 15 months to less than 16 months: 6.75 per cent for general public; 7.25 percent for senior citizens
• 16 months to less than 17 months: 6.75 per cent for general public; 7.25 percent for senior citizens
• 7 months to less than 18 months: 6.75 per cent for general public; 7.25 percent for senior citizens
• 18 months to less than 2 years: 6.75 per cent for general public; 7.25 percent for senior citizens
• Less than 2 years to 30 months: 7.00% for general public; 7.50 percent for senior citizens
• 30 months to less than 3 years: 7.00 per cent for general public; 7.50 percent for senior citizens
• 3 years to less than 5 years: 7.00% for general public; 7.50 percent for senior citizens
• 5 years to 10 years: 7.00 per cent for general public; 7.50 percent for senior citizens.

RBL Bank FD rates

• 7 days to 14 days: For general public – 3.50 per cent; For senior citizens – 4 percent
• 15 days to 45 days: For general public – 4.00 per cent; For Senior Citizen – 4.50 percent
• 46 days to 90 days: For general public – 4.50 per cent; For senior citizens – 5 percent
• Less than 91 days equal to 6 months: For general public – 4.75 per cent; For Senior Citizen – 5.25 percent
• 181 days to 240 days: 5.50 per cent for general public; For senior citizens – 6 percent
• 241 days to 364 days: For general public – 6.05 per cent; For Senior Citizen – 6.55 percent
• 365 days to 452 days: For general public – 7%; For Senior Citizen – 7.50 percent
• 15 months: For general public – 7.80 per cent; 8.30 percent for senior citizens
• 15 months 1 day to 725 days: For general public – 7.80 per cent; 8.30 percent for senior citizens
• 725 days: For general public – 7.80 per cent; 8.30 percent for senior citizens

Bandhan bank new rates

• 7 days to 15 days: For general public – 3 percent
• 16 days to 28 days: For general public – 3 percent
• 29 days to 45 days: For general public – 3.50 percent
• 46 days to 90 days: For general public – 4.50 percent
• 91 days to 180 days: For general public – 4.50 percent
• 181 days to 364 days: For general public – 6.75 percent
• 365 days: For general public – 7.90 percent
• 366 days: 7.90 percent for general public
• 367 days to less than 15 months: 7.90 percent for general public
• 15 months to less than 2 years: 6.15 percent for general public
• 2 years to 3 years: 6.15 percent for general public
• 3 years to 5 years: 6.15 percent for general public
• 5 years to 10 years: 5.00 percent for general public

IndusInd Bank FD Rates (Fixed Deposit Rate on IndusInd Bank )

• Interest on FD maturing in 7 to 30 days – 3.50%
• Interest on FD maturing in 31 to 45 days – 4%
• Interest on FD maturing in 46 to 60 days – 4.50%
• Interest on FD maturing in 61 to 90 days – 4.60%
• 4.75% interest on FDs maturing in 91 to 120 days
• Interest on FD maturing in 121 to 180 days – 5%
• 5.75% interest on FDs maturing in 181 to 210 days
• 5.80% interest on FDs maturing in 211 to 269 days
• Interest on FD maturing in 270 to 354 days – 6%
• 6.25% interest on FDs maturing in 355 to 364 days
• Interest on FD maturing in 1 year to 1 year 6 months – 7%
• 7.25% interest on FDs maturing in 1 year to 6 months to 2 years
• Interest on FD of 2 years to 3 years is 7.50 percent
• 7.25% interest on FDs of 3 years to 61 months
• Interest on 5 year FD 7.25 percent

Interest rates on Yes Bank FD

• On FD of 7 to 14 days – 3.25 percent interest
• On FD of 15 to 45 days – 3.70 percent interest
• On FD of 46 to 90 days – 4.10 percent interest
• 91 to 180 days on FD – 4.75 percent interest
• On FD of 181 to 271 days – 5.75 percent interest
• 272 to less than 1 year on FD – 6 percent interest
• On FD of 1 year to 120 months – 7 percent interest

Bank of India increased interest on FD

The country’s public sector bank Bank of India (BOI) has revised the FD interest rates. The bank has increased the interest on FDs of less than Rs 2 crore. The bank is offering higher interest on FD of 444 days. BOI is offering 7.05 percent interest to the common people on 444 days FD. The bank is offering 7.55 percent interest to senior citizens on this FD. The bank is paying 7.25 percent interest on FDs of 2 to 5 years.

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Now, out of these 5 banks, Axis Bank, HDFC, ICICI are giving the highest interest to senior citizens. These banks are offering 7.50 per cent interest to senior citizens. SBI is paying a maximum interest of 7 per cent. Let us know which of these banks is offering the highest interest and best offers.

These are the new rates of HDFC Bank

7 days to 14 days: For general public – 3.00 per cent; For Senior Citizen – 3.50 percent

15 days to 29 days: For general public – 3.00 per cent; For Senior Citizen – 3.50 percent

30 days to 45 days: For general public – 3.50 per cent; For Senior Citizen – 4.00 percent

46 days to 60 days: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

61 days to 89 months: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

90 days to 6 months: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

6 months 1 day to 9 months: For general public – 5.75 per cent; For Senior Citizen – 6.25 percent

9 months 1 day to less than 1 year: For general public – 6.00 per cent; For Senior Citizen – 6.50 percent

1 year to 15 months: For general public – 6.50 per cent; For Senior Citizen – 7.00 percent

15 months to less than 18 months: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

18 months to 2 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

2 years 1 day to 3 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

3 years 1 day to 5 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

5 years 1 day to 10 years: For general public – 7.00 per cent; For Senior Citizen – 7.75 percent.

ICICI Bank’s interest rates on FDs of less than Rs 2 crore ..

7 days to 14 days: For general public – 3.00 per cent; For Senior Citizen – 3.50 percent

15 days to 29 days: For general public – 3.00 per cent; For Senior Citizen – 3.50 percent

30 days to 45 days: For general public – 3.50 per cent; For Senior Citizen – 4.00 percent

46 days to 60 days: For general public – 4.00 per cent; For Senior Citizen – 4.50 percent

61 days to 90 days: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

91 days to 120 days: For general public – 4.75 per cent; For senior citizens – 5.25 percent

121 days to 150 days: For general public – 4.75 per cent; For senior citizens – 5.25 percent

151 days to 184 days: For general public – 4.75 per cent; For senior citizens – 5.25 percent

185 days to 210 days: For general public – 5.50 per cent; For Senior Citizen – 6.00 percent

211 days to 270 days: For general public – 5.50 per cent; For Senior Citizen – 6.00 percent

271 days to 289 days: For general public – 5.50 per cent; For Senior Citizen – 6.00 percent

290 days to less than 1 year: For general public – 5.75 per cent; For Senior Citizen – 6.25 percent

1 year to 389 days: For general public – 6.60 per cent; For Senior Citizen – 7.10 percent

390 days to less than 15 months: For general public – 6.60 per cent; For Senior Citizen – 7.10 percent

15 months to less than 18 months: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

18 months to 2 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

2 years 1 day to 3 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

3 years 1 day to 5 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

5 years 1 day to 10 years: For general public – 6.90 per cent; For Senior Citizen – 7.50 percent.

SBI FD rates

SBI is giving maximum 7% interest on FD to senior citizens. Apart from this, common people are getting 6.50 per cent interest on FDs of one year to less than 2 years, 5.50 per cent interest on FDs of 180 to 210 days. The bank is giving 5.75% interest for 211 days. 5.75% interest is being received on FDs ranging from 2 years to less than 5 years. 5.50% on FDs of 5 years and up to 10 years, 5% interest is available on FDs of 46 days to 179 days. 3.50 percent interest is being received on FDs of 7 to 45 days.

Kotak Mahindra Bank revised FD rates on 28 December

6 months: For general public – 5.75%, for senior citizens – 6.25%

12 months: For general public – 6.75 percent, for senior citizens – 7.25 percent

15 months: For general public – 7 percent, for senior citizens – 7.5 percent

18 months: For general public – 7 percent, for senior citizens – 7.5 percent

21 months: For general public – 7 percent, for senior citizens – 7.5 percent.

Axis Bank FD interest rates for amounts below Rs 2 crore

7 days to 14 days: 3.50 per cent for general public; 3.50 percent for senior citizens

15 days to 29 days: 3.50 per cent for general public; 3.50 percent for senior citizens

30 days to 45 days: 3.50 per cent for general public; 3.50 percent for senior citizens

46 days to 60 days: 4.00 per cent for general public; 4.00 percent for senior citizens

61 days to less than 3 months: 4.50 per cent for general public; 4.50 percent for senior citizens

3 months to less than 4 months: 4.50 per cent for general public; 4.50 percent for senior citizens

4 months to less than 5 months: 4.50 per cent for general public; 4.50 percent for senior citizens

5 months to less than 6 months: 4.50 per cent for general public; 4.50 percent for senior citizens

6 months to less than 7 months: 5.75 per cent for general public; 6.25 percent for senior citizens

7 months to less than 8 months: 5.75 per cent for general public; 6.25 percent for senior citizens

8 months to less than 9 months: 5.75 per cent for general public; 6.25 percent for senior citizens

9 months to less than 10 months: 6.00 per cent for general public; 6.50 percent for senior citizens

10 months to less than 11 months: 6.00 per cent for general public; 6.50 percent for senior citizens

11 months to less than 11 months 25 days: 6.00 per cent for general public; 6.50 percent for senior citizens

11 months 25 days to less than 1 year: 6.00 per cent for general public; 6.50 percent for senior citizens

1 year to less than 1 year 5 days: 6.75 per cent for general public; 7.25 percent for senior citizens

1 year 5 days to less than 1 year 11 days: 6.75 per cent for general public; 7.25 percent for senior citizens

1 year 11 days to less than 1 year 25 days: 6.75 per cent for general public; 7.25 percent for senior citizens

1 year 25 days to less than 13 months: 6.75 per cent for general public; 7.25 percent for senior citizens

13 months to less than 14 months: 6.75 per cent for general public; 7.25 percent for senior citizens

14 months to less than 15 months: 6.75 per cent for general public; 7.25 percent for senior citizens

15 months to less than 16 months: 6.75 per cent for general public; 7.25 percent for senior citizens

16 months to less than 17 months: 6.75 per cent for general public; 7.25 percent for senior citizens

7 months to less than 18 months: 6.75 per cent for general public; 7.25 percent for senior citizens

18 months to less than 2 years: 6.75 per cent for general public; 7.25 percent for senior citizens

Less than 2 years to 30 months: 7.00% for general public; 7.50 percent for senior citizens

30 months to less than 3 years: 7.00 per cent for general public; 7.50 percent for senior citizens

3 years to less than 5 years: 7.00% for general public; 7.50 percent for senior citizens

5 years to 10 years: 7.00 per cent for general public; 7.50 percent for senior citizens.

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From giving benefits of government schemes in banks to FD, the interest and amount is calculated by RBI. Agriculture loan waiver amount is also given by the government to private sector banks as assistance. After the decision of the government, these three private sector bank account holders have become happy. Let us know how these account holders will benefit.

The central government has made a big announcement for three private sector banks. The government has allowed all three banks to provide financial services for overseas purchases. Let us tell you that till now these rights were only with the government banks, but now it has also been with these three banks.

The government is of the view that these banks may be allowed to issue letters of credit of Rs 2000 crore on the capital and revenue side for a period of one year. In fact, the Defense Ministry has given huge responsibility to three private sector banks- HDFC Bank, ICICI Bank and Axis Bank. These three banks will now be able to offer letters of credit for overseas purchases and direct bank transfer business.

Private banks got this right for the first time

This is the first time that the government has allowed three private sector banks to provide financial services for overseas purchases. The Ministry of Defense itself has announced this. According to the Defense Ministry, the performance of these banks will be regularly monitored so that further action can be taken as per the requirement.

The post Good news for HDFC, ICICI and Axis Bank account holders before Diwali, read complete details here first appeared on Rightsofemployees.com.

Therefore, it is very important for you to know how much banks have fixed the minimum amount. Today we are telling you how much you should keep in your account at least so that you can avoid getting fined.

Minimum balance i.e. the minimum amount is called ‘Monthly Average Balance’ in the language of banking, meaning ‘monthly average amount’. This means that at least this amount should be in your account every single month, otherwise penalty will be imposed. This penalty ranges from Rs 5 to Rs 600. All the information given here is related to the savings account. These rules do not apply to current or other categories of account holders.

SBI(State Bank Of India)

SBI has fixed ‘Monthly Average Amount’ separately for urban and rural branches. The account holders of the metro city will have to keep at least Rs 3000 in their account.

Similarly, SBI account holders of urban areas will also have to keep a minimum balance of up to Rs 3000 in their account. If people of metro and urban areas deposit less than this amount in the account, then they can be fined from 10 to 15 rupees. GST is also added to this. In this way the penalty amount will increase further.

However, there is some relief for the account holders of semi-urban and rural areas. It is mandatory for semi-urban customers to keep 2000 rupees and village bank customers 1000 rupees in their accounts. Semi-urban account holders face a fine ranging from Rs 7.5 to Rs 12. GST is also added to this. At the same time, there is a fine of 5 to 10 rupees for the people of rural areas. Along with this, GST is also levied.

ICICI Bank

Private bank ICICI has fixed a minimum balance of Rs 10,000 for people in metro and urban areas. If you keep less money than this, then fine will be imposed. At the same time, the amount has been fixed up to Rs 5000 for semi-urban and Rs 2000 for rural. The fine of private banks is much higher than that of government banks.

If you do not maintain the minimum balance in ICICI Bank, you will have to pay a penalty of Rs 100 and add five percent of the amount that has fallen short in meeting the minimum balance. This penalty amount rule is the same for all types of branches of ICICI except Gramin Bank. For not maintaining the minimum balance in Gramin Bank, five percent of the amount that has fallen short in meeting the minimum balance will have to be paid as a penalty.

HDFC Bank

Like ICICI, the penalty amount in HDFC Bank is also very high. HDFC Bank has fixed a ‘monthly average amount’ i.e. minimum balance of Rs 10,000 for metro and urban area branches. At the same time, the amount of Rs 5000 and Rs 2,500 is fixed for semi-urban and rural branches. If you do not keep this much money in the account, then there are different types of fines.

In metro and urban areas, people who have balance between 7,500 to 10,000 in their account, then they will have to pay a fine of Rs 150 plus some tax. At the same time, those who have an amount from 5,000 to 7,500 in their account, they will have to pay a penalty of Rs 300 after adding some tax. Similarly, account holders of semi-urban area also have to pay a penalty of Rs 150 to 300 plus tax on the basis of reduction in minimum balance.

On the other hand, in rural areas, if someone has an amount from 1,000 to 2,500 in his account, then he will have to pay a fine of Rs 270 and adding tax. And if someone has less than 1,000 in his account, then a fine of 450 will have to be paid. This means that the worst effect will be on the poor.

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According to the need of the customers, the Finance Minister ordered the bank to make the banking system more simple. So that customers can connect with the bank as much as possible.

The Finance Minister has said that banks need to pay more attention to the facilities of the customers so that its process can be made easier for the borrowers.

Finance Minister suggested

The Finance Minister suggested the banks that the lending standards should be kept healthy. In fact, a few days ago this suggestion was made in an important meeting between industry representatives and the Finance Minister. This Finance Minister talked about implementing the banks. This will benefit the customers of all banks including SBI, HDFC, ICICI.

SBI Chairman Dinesh Kumar Khara says that the concern of startups is about more equity.

Take care of the convenience of the customers

The Finance Minister said, ‘Banks need to become more and more customer friendly. But it should not be to the extent of taking adverse risks. You don’t need to take it. But you need to keep in mind the convenience of the customers and be more and more friendly.

Dinesh Khara said on this that the process of digitization in the bank is increasing for the convenience of the customers. This will give relief to the customers from banking related problems.

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A person cannot be denied a loan due to a poor CIBIL score. Recently, the central government has also considered privatization of all public sector banks except SBI. All these decisions of the government will not only improve the condition of the banks but also benefit the customers. Let us know what benefits are going to be given to the account holders of private banks.

New Banking Rule

The government has taken some big decisions for private sector banks. In this, some things have come out about HDFC, ICICI and Axis Bank. For the banks of the regions except SBI, the government has taken some decisions which are very beneficial for the convenience of the customers. The benefits of government schemes in banks, FD, interest etc., everything is done by RBI. So at the same time, after these things, the government has taken some more decisions which are very beneficial for the account holders.

The central government has allowed three private sector banks to provide finance services on foreign purchases. For the same information, let us tell you that this right was available only on public sector banks. But now these have also become effective on private banks. The government has allowed that a capital of Rs 2 thousand crore can be given on these banks for 1 year. In this, now a big responsibility has been entrusted to HDFC, ICICI and Axis Bank on behalf of the government.

This is the first time that the government has allowed three banks to simultaneously provide financial services on foreign purchases. According to the Ministry of Defense, these banks will be monitored regularly so that further action can be completed as per the need.

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